Peace talks involving legal representatives in London broke down on the request for immediate repayment of the debts
The peace talks between representatives of Arif Naqvi, the founder and the Abraaj Group, and the Sharjah business leader Hamid Jafar ended without a settlement ahead of a crucial legal hearing in the UAE, reported Arab News.
Naqvi, who has been accused of writing bad cheques to the value of $300 million, had been seeking more time up to a year to pay the owed amount, but Jafar wanted immediate payment in cash or assets to cover the debts.
The bounced cheque was used as partial security for loans estimated at $300 million made to Abraaj by Hamid Jafar
An adviser to Jafar denied the existence of ongoing negotiations.
A Sharjah court will meet today to resume the hearing adjourned last week on a charge of issuing dishonoured cheques against Naqvi.
The beleaguered founder of Abraaj said he will not return to the UAE, where he has a residence visa, while under threat of criminal action.
Following disposals last, Naqvi’s stake in Abraaj is believed to be less than 30 per cent, he also has substantial assets in the UK and elsewhere.